Avalon Technologies Limited (AVALON)
₹1,987.30 -2.91% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Avalon Technologies' revenue was ₹484 Cr (+49.8% year on year, +0.9% on the previous quarter), and net profit ₹34.9 Cr (+145.3% year on year); the operating margin was 12.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹484 | +49.8% | +0.9% |
| Operating profit | ₹58.0 | +93.9% | +1.9% |
| Net profit | ₹34.9 | +145.3% | -15.3% |
| EPS (₹) | 5.22 | +143.9% | -15.3% |
| Operating margin | 12.0% | — | — |
AVALON delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.96% of the AVALON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.93%. That is close to its usual level. 2 bulk or block deals were reported in AVALON in the last 60 days: ₹177 Cr bought, none sold.
Delivery in the last 5 sessions: 32.1% · 38.6% · 36.1% · 46.7% · 41.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 18 Sep | Buy | Vanguard Total International Stock Index Fund | ₹90.14 Cr | ₹2,527.69 | 356,599 | Bulk |
| 18 Sep | Buy | Vanguard Emerging Markets Stock Index Fund A Series Of Vieif | ₹87.31 Cr | ₹2,527.69 | 345,428 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Avalon Technologies submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that no requests for dematerialization or rematerialization were received during the quarter. The company reiterated that 100% of its equity shares have been held in dematerialized form since listing on April 18, 2023. This is a standard quarterly regulatory submission with no impact on business operations or financials.
- 100% of equity shares remain in dematerialized form since listing on April 18, 2023
- 0 requests received for dematerialization or rematerialization during the quarter ended September 30, 2026
- Compliance certificate issued by RTA MUFG Intime India Private Limited dated October 6, 2026
Avalon Technologies has signed a 99-year lease agreement with SIPCOT for 25.08 acres of land in Oragadam, Tamil Nadu, to construct a new industrial manufacturing facility. The parcel significantly expands the company's footprint beyond its current 575,000+ sq. ft. operational space across 15 units. Capex requirements and execution timelines for the facility were not disclosed in the filing. This move aligns with Avalon's strategy to ramp up domestic manufacturing and support high-mix, low-volume EMS production.
- Leased 25.08 acres of land at Plot No. A-53 & A-54, SIPCOT Industrial Park, Oragadam, Kancheepuram District, Tamil Nadu
- Lease tenure executed for a duration of 99 years with SIPCOT
- Land acquired for setting up a new industrial manufacturing unit
- Transaction is not a related-party transaction and confers standard customary rights
Promoter Mr. Bhaskar Srinivasan, together with BBS Family Trust and KBS Family Trust, offloaded a total of 40,08,705 equity shares (6.00% of voting capital) of Avalon Technologies on September 30, 2026. The transaction was executed via the block deal mechanism on the stock exchanges. Following the sale, their collective holding reduced from 15.42% (1,03,11,775 shares) to 9.42% (63,03,070 shares). Individually, Srinivasan and the two trusts each sold exactly 13,36,235 shares (2.00% stake each).
- Total shares sold: 40,08,705 equity shares representing 6.00% of voting capital
- Seller holding reduced from 15.42% (1,03,11,775 shares) to 9.42% (63,03,070 shares)
- Executed on September 30, 2026 via block deal mechanism on the stock exchange
- Individual disposals: Bhaskar Srinivasan sold 2.00%, BBS Family Trust sold 2.00%, and KBS Family Trust sold 2.00%
Avalon Technologies Limited has submitted the Scrutinizer's report and e-voting results for its 27th Annual General Meeting (AGM) held on September 28, 2026. All business resolutions mentioned in the AGM Notice dated September 3, 2026, were duly passed by shareholders with the requisite majority. The meeting was conducted via Video Conferencing/Other Audio-Visual Means. This is a standard statutory compliance filing with no operational or financial surprises.
- 27th Annual General Meeting held on September 28, 2026
- All resolutions from the AGM Notice dated September 03, 2026, passed with requisite majority
- Filing submitted pursuant to Regulation 44(3) of SEBI LODR Regulations
Avalon Technologies issued a clarification regarding media reports about a proposed stake sale via block deals by co-promoter Bhaskar Srinivasan's group. The company clarified that KBS Family Trust belongs to Bhaskar Srinivasan (holding 3.02%) and not Mr. Kunhamed Bicha, confirming that Mr. Kunhamed Bicha and his group are not selling any shares. As of September 29, 2026, Bhaskar Srinivasan's promoter group holds a combined 15.42% (1,03,12,775 shares) across individual and trust accounts out of total promoter holding of ~44.4%.
- Clarified that Mr. Kunhamed Bicha and his promoter group are not selling any shares
- Bhaskar Srinivasan's promoter group holds a total of 1,03,12,775 shares (15.42% of equity) as of September 29, 2026
- Holding breakdown includes Bhaskar Srinivasan at 9.38% (62,70,355 shares), BBS Family Trust at 3.02% (20,20,710 shares), and KBS Family Trust at 3.02% (20,20,710 shares)
- Dolphin Family Trust holds 1,000 shares (0.00%) within the Bhaskar Srinivasan group
Avalon Technologies Limited has issued an intimation regarding the dispatch of web-links for its FY 2025-26 Integrated Annual Report to shareholders whose email addresses are not registered with the Company, RTA, or Depositories. The company announced that its 27th Annual General Meeting (AGM) will be held virtually on Monday, September 28, 2026, at 2:30 PM IST. This is a standard statutory compliance filing under SEBI LODR Regulations with no operational or financial impact.
- 27th Annual General Meeting scheduled for Monday, September 28, 2026, at 2:30 PM IST.
- FY 2025-26 Integrated Annual Report weblink sent to shareholders with unregistered email IDs.
- Meeting to be conducted through Video Conferencing / Other Audio Visual Means (VC/OAVM).
Avalon Technologies Limited has issued the notice for its 27th Annual General Meeting (AGM) to be held via Video Conferencing on September 28, 2026. Key agenda items include the adoption of FY26 financial statements and the re-appointment of Mr. Kunhamed Bicha as Chairman and Managing Director for a 5-year term starting July 12, 2027. Additionally, the AGM will consider the appointment of Mr. CG Balaji and the reappointment of Independent Directors Mr. Venkataramani Anantharamakrishnan and Mr. Byas Unnikrishnan Nambisan. The cut-off date for e-voting eligibility is September 21, 2026.
- 27th AGM scheduled for Monday, September 28, 2026, at 02:30 PM IST via VC/OAVM
- E-voting cut-off date fixed as Monday, September 21, 2026
- Remote e-voting window open from September 24, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
- Proposed reappointment of CMD Kunhamed Bicha for 5 years effective July 12, 2027
- Proposed reappointment of two Independent Directors for second 5-year terms starting July 2027
Avalon Technologies Limited's Board of Directors has approved the appointment of Mr. CG Balaji as an Additional Independent Director for a 5-year term starting September 03, 2026. Additionally, the Board approved the re-appointment of promoter Mr. Kunhamed Bicha as Chairman & Managing Director for 5 years effective July 12, 2027. Two Independent Directors, Mr. Venkataramani Anantharamakrishnan and Mr. Byas Unnikrishnan Nambisan, were also approved for second 5-year terms effective July 07, 2027, and July 19, 2027, respectively. All appointments are subject to shareholder approval at the upcoming Annual General Meeting.
- Appointment of Mr. CG Balaji as Additional Independent Director for a 5-year term starting September 03, 2026
- Re-appointment of Mr. Kunhamed Bicha as Chairman & MD for a 5-year term effective July 12, 2027
- Re-appointment of Independent Directors Mr. Venkataramani Anantharamakrishnan and Mr. Byas Unnikrishnan Nambisan for second 5-year terms from July 2027
- All appointments approved at the Board meeting held on September 03, 2026, subject to shareholder approval
Avalon Technologies has approved a Joint Venture Agreement with European EMS leader Zollner Elektronik AG to manufacture PCBA, box-build, and system integration products in India. Zollner will initially hold a 51% stake while Avalon holds 49%, with Avalon retaining an option to acquire an additional 2% (reaching 51%) three years after the start of commercial production. The venture enters high-margin verticals like Healthcare & Life Sciences and Test & Measurement, while Avalon also acts as a component supplier for cable harnesses, sheet metal, and magnetics.
- Initial equity split stands at 51% for Zollner Elektronik AG and 49% for Avalon Technologies
- Avalon holds a call option to acquire an additional 2% stake to become the 51% majority owner 3 years post-commercial production
- Expands reach into Healthcare & Life Sciences, Test & Measurement, and Rail verticals
- Creates dual revenue streams: share in JV profits plus direct supply of wiring harnesses, sheet metal, plastics, and machining to the JV
Avalon Technologies has approved the execution of a Joint Venture Agreement (JVA) with leading European EMS company Zollner Elektronik AG. The JV company ('Zollner Avalon Private Limited') will operate an India-based manufacturing and services platform for PCBA, box-build, system integration, and lifecycle services. Zollner will hold 51% and Avalon will hold 49%, with Avalon having a call option to acquire an incremental 2% (reaching 51%) within two years after the third anniversary of commercial production. Initially, the JV will be incorporated as Avalon's wholly owned subsidiary before equity subscription by Zollner.
- Joint venture equity split set at 51% for Zollner and 49% for Avalon Technologies.
- Avalon holds a call option to acquire an additional 2% stake within 2 years after the 3rd anniversary of commercial production.
- JV board will have 5 directors: 3 appointed by the 51% shareholder and 2 by the 49% shareholder.
- Initial authorized capital is set at INR 2,00,000, with Avalon initially subscribing to 9,800 shares (INR 98,000) prior to Zollner's entry.
Avalon Technologies has signed a Joint Venture Agreement with European EMS major Zollner Elektronik AG to form 'Zollner Avalon Private Limited' in India. Zollner will initially hold 51% and Avalon 49%, with Avalon holding a call option to acquire an additional 2% stake within 2 years after 3 years of commercial production. The JV will focus on PCBA, box-build, and system integration for Indian and global customer programs. Additionally, the Board approved the re-appointment of Managing Director Kunhamed Bicha for a 5-year term from July 2027.
- Forming India-based JV with Zollner holding 51% and Avalon holding 49% initial equity
- Avalon holds call option to acquire an incremental 2% stake (to reach 51%) within 2 years after the 3rd anniversary of commercial production
- Initial authorized capital of the proposed entity is INR 2,00,000 (20,000 shares of INR 10 each)
- Board composition for JV set at 3 nominee directors from Zollner (51%) and 2 nominee directors from Avalon (49%)
- Re-appointed Kunhamed Bicha as Chairman & MD for 5 years effective July 12, 2027
Avalon Technologies has approved the grant of 90,000 Employee Stock Options under its ESOP Plan 2022 (Round V). The options carry an exercise price of INR 1,855 per share, representing a 20% discount to the recent NSE closing price. The options will vest equally at 25% annually over a four-year period, with an exercise window of up to three years post-vesting. The resulting equity dilution is negligible at approximately 0.13% of the total share capital.
- 90,000 ESOPs granted to eligible employees under ESOP Plan 2022 (Round V)
- Exercise price fixed at INR 1,855 per share, reflecting a 20% discount to closing market price
- 4-year graded vesting schedule with 25% vesting at the end of each year
- Exercise period capped at a maximum of 3 years from respective vesting dates
- Grant is within the overall shareholder-approved limit of 30,00,000 options
Avalon Technologies Limited announced that its Nomination and Remuneration Committee approved the allotment of 70,545 equity shares via circular resolution on August 29, 2026. The allotment was made pursuant to the exercise of options under the Avalon - Employee Stock Option Plan 2022 at exercise prices of INR 20/- and INR 700/-. Consequently, the company's paid-up equity share capital increased from INR 13,36,23,510 to INR 13,37,64,600, comprising 6,68,82,300 equity shares of face value Rs 2/- each.
- Allotment of 70,545 equity shares of face value Rs 2/- each under ESOP 2022
- Exercise prices set at INR 20/- and INR 700/- per share
- Paid-up capital increased from INR 13,36,23,510 to INR 13,37,64,600
- Total outstanding shares increased from 6,68,11,755 to 6,68,82,300 equity shares
India Ratings and Research (Ind-Ra) has affirmed and withdrawn the credit ratings on Avalon Technologies Limited's bank loan facilities amounting to INR 1,415 million (Rs 141.5 Cr). The rating withdrawal was executed at the request of the company. Prior to withdrawal, the facilities were affirmed at 'IND A-'/Positive/'IND A1'. Avalon holds minimal leverage with total debt at Rs 39 Cr (D/E of 0.05), rendering this update routine with no operational impact.
- Bank loan facilities rated and withdrawn: INR 1,415 million (Rs 141.5 Cr)
- Ratings affirmed at 'IND A-'/Positive and 'IND A1' before withdrawal
- Withdrawal executed at the specific request of the company on August 19, 2026
Avalon Technologies has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference scheduled for August 18, 2026, in Mumbai. The event will involve group or one-on-one physical interactions with institutional investors between 9:00 AM and 5:00 PM. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these sessions. This interaction comes at a time when the company maintains a high P/E of 115.9 and has reported a TTM revenue of Rs 1,603 Cr.
- Scheduled participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 18, 2026
- Interaction window set for 8 hours from 9:00 AM to 5:00 PM IST
- Physical meeting format in Mumbai involving group or one-on-one sessions
- Company reports a TTM revenue of Rs 1,603 Cr and TTM PAT of Rs 113 Cr
- Current market capitalization stands at Rs 13,094 Cr with a P/E of 115.9
Financial Performance
Revenue Growth by Segment
Revenue grew 26.6% YoY in FY25 to INR 1,098 Cr. Segmental shifts saw Industrials grow to 30% of revenue (up from 28%), Mobility/Transportation to 27% (up from 26%), and Clean Energy to 20% (up from 18%), while Communications dropped to 8% (from 13%). Q2 FY26 revenue reached INR 382 Cr, a 39.1% YoY increase.
Geographic Revenue Split
India operations accounted for 87% of revenue in FY25, serving both domestic and global clients. The US business serves as a strategic beachhead, with over 50% of US customers transitioned to Indian manufacturing to optimize costs.
Profitability Margins
Gross Margin was 35.8% in FY25 (-55 bps YoY) and 34.3% in Q2 FY26 (-252 bps YoY). PAT margin improved significantly to 5.7% in FY25 (up from 3.2%) and reached 6.4% in Q2 FY26 (+13 bps YoY) due to operational efficiencies and scale.
EBITDA Margin
EBITDA margin stood at 10.5% in FY25, an increase of 325 bps from 7.2% in FY24. In Q2 FY26, EBITDA margin was 10.1%, down 86 bps YoY but up 85 bps sequentially from Q1 FY26.
Capital Expenditure
Capex for Q2 FY26 was INR 14.8 Cr and INR 24.4 Cr for H1 FY26. Investments are focused on the export-focused Chennai plant and Phase 2 brownfield expansion in Chennai, expected to complete by Q3 FY26.
Credit Rating & Borrowing
Finance costs were INR 17 Cr in FY25 on total debt of approximately INR 141 Cr, implying an effective interest rate of ~12%. Net Debt to EBITDA improved to 0.1x in FY25 from -0.3x in FY24.
Operational Drivers
Raw Materials
Key materials include metals, electronics, polymers, and specialized components. Cost of raw materials consumed was INR 719 Cr in FY25, representing 65.5% of total revenue.
Import Sources
Sourced globally across multiple geographies to reduce dependency on single vendors; specific countries are not disclosed but include a strategic sourcing framework for global procurement.
Key Suppliers
Not disclosed by specific company names; Avalon utilizes a strategic sourcing framework with multiple suppliers to mitigate monopoly risks.
Capacity Expansion
Current facilities span 575,000+ sq. ft. across 15 units in the US and India. Planned expansion includes Phase 2 of the Chennai brownfield facility to be completed by the end of Q3 FY26 to meet rising domestic demand.
Raw Material Costs
Raw material costs increased 28.1% YoY to INR 719 Cr in FY25. Procurement strategies include long-term contracts to lock in prices and substituting high-risk materials with stable alternatives.
Manufacturing Efficiency
Asset turnover improved to 8.7x in Q2 FY26 from 7.5x in FY25. ROCE improved to 18.4% in H1 FY26 from 15.7% in FY25, driven by better capital utilization.
Strategic Growth
Expected Growth Rate
39.10%
Growth Strategy
Growth is driven by a 'dual-shore' model (US/India), expanding the order book (INR 1,485 Cr as of Sep 2025), and entering high-potential segments like semiconductor equipment. The company is transitioning US customers to India-based manufacturing to capture higher margins and scaling new projects in Clean Energy and Industrials.
Products & Services
Electronic Manufacturing Services (EMS) including Printed Circuit Board Assemblies (PCBA), Cable Assemblies, Wire Harnesses, Sheet Metal Fabrication, Machining, Magnetics, and full Box Build integration.
Brand Portfolio
Avalon Technologies, Sienna, Sienna ECAD.
New Products/Services
Entry into the semiconductor equipment space and expansion into advanced technology segments; specific revenue contribution % for these new lines is not yet disclosed.
Market Expansion
Expanding global presence through strategic market entries and increasing domestic capacity via the Chennai Phase 2 expansion by Q3 FY26.
Strategic Alliances
Collaborates with emerging pioneers in sunrise sectors like Clean Energy; specific partner names are not disclosed.
External Factors
Industry Trends
The EMS industry is seeing structural growth driven by 'China+1' strategies and increased electronics content in Industrials and Clean Energy. Avalon is positioning itself in high-mix, low-to-medium volume segments which offer higher barriers to entry.
Competitive Landscape
Operates in a competitive EMS market but differentiates through niche market support and prototyping-to-scale transitions.
Competitive Moat
Moat is built on a 'dual-shore' presence, integrated capabilities (design to box-build), and specialization in high-mix, low-volume manufacturing which is less commoditized than high-volume EMS.
Macro Economic Sensitivity
Sensitive to global trade dynamics, tariffs, and macroeconomic shifts affecting global manufacturing trends and EMS demand.
Consumer Behavior
Shift toward clean energy and industrial automation is driving demand for Avalon's specialized electronic assemblies.
Geopolitical Risks
Geopolitical conflicts and changes in trade policies are identified as critical risks that could disrupt supply chains or impact cost structures.
Regulatory & Governance
Industry Regulations
Must comply with statutory norms, quality, hygiene, and sustainability standards for factories and products; operates within SEZ and DTA regulations.
Taxation Policy Impact
Effective tax rate was approximately 26.4% in FY25 (INR 23 Cr tax on INR 87 Cr PBT).
Risk Analysis
Key Uncertainties
Raw material availability and price volatility (impacts 65.5% of costs); regulatory changes could disrupt incentive benefits.
Geographic Concentration Risk
87% of revenue is derived from Indian manufacturing operations, though it serves a global customer base.
Third Party Dependencies
High dependency on suppliers for critical electronics and specialized components; mitigated by a strategic sourcing framework.
Technology Obsolescence Risk
Mitigated by entering advanced segments like semiconductor equipment and investing in automation and Six Sigma.
Credit & Counterparty Risk
Trade receivables stood at INR 316 Cr in FY25 with a receivable cycle of 84 days, up slightly from 79 days.
